• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces “float” – money that doesn’t belong to us, but that we get to invest for…
• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces “float” – money that doesn’t belong to us, but that we get to invest for…
沃伦·巴菲特《伯克希尔·哈撒韦 1983 年致股东信》· 1983 Chairman's Letter · 投资
o Our preference would be to reach this goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. Our second choice is to own parts of similar businesses, attained primarily through purchases of marketable common stocks by our insurance subsidiaries. The price and availability of businesses and the need for insurance capital determine any given year’s capital allocation.
• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces “float” – money that doesn’t belong to us, but that we get to invest for…
There is plenty of work to do. Business is merely work. Speculation in things already produced--that is not business. It is just more or less respectable graft. But it cannot be legislated out of existence. Laws can do very little. Law never does anything constructive. It can never be more than a policeman, and so it is a waste of time to look to our state capitals or to Washington to do that which law was not designed to do. As long as we look to legislation to cure poverty or to abolish special privilege we are going to see poverty spread and special privilege grow. We have had enough of looking to Washington and we have had enough of legislators--not so much, however, in this as in other countries--promising laws to do that which laws cannot do.
• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces “float” – money that doesn’t belong to us, but that we get to invest for…